Download balance of payments developments

BALANCE OF PAYMENTS DEVELOPMENTS
12/18/2015 6:35 PM
Third Quarter 2015 Developments
Overall BOP Position
Q3 2015 BOP The country’s balance of payments position yielded a surplus of
position yields lower US$124 million in Q3 2015, lower than the US$712 million surplus
surplus. registered in the comparable quarter a year ago. This development was a
result of the marked decrease in the current account surplus coupled with
the net outflows (or net lending by residents to the rest of the world) in
the financial account. The surplus in the current account dropped as the
trade-in-goods deficit further widened and the trade-in-services surplus
declined.1 Meanwhile, the net outflows in the financial account emanated
mainly from the reversal of portfolio investments to net outflows in
Q3 2015 from net inflows in Q3 2014. External headwinds emanating from
the slowdown in the Chinese economy and the modest growth in Japan
have affected the country’s external trade. Likewise, expectations on the
US Federal Reserve rate lift-off towards the end of the year led to volatile
capital flows (Table 1).
Balance of Payments ( in million US$)
Q3
2015
2014
Current Account
Capital Account
Financial Account*
Net Unclassified Items
658
21
858
303
2924
22
891
-1344
Overall BOP
124
712
*Positive balance in the financial account indicates net outflows while a
negative balance indicates net inflows. The overall BOP position,
therefore, is equal to the current account plus the capital account minus
the financial account plus net unclassified items.
Current Account
Current account The current account posted a surplus of US$658 million (equivalent to
remains in surplus. 1 percent of GDP) in Q3 2015. This was, however, 77.5 percent lower than
the US$2.9 billion surplus (4.2 percent of GDP) recorded in the same
quarter in 2014 on account primarily of the increased deficit in the
trade-in-goods account along with the decreased net receipts from
trade-in-services. The primary and secondary income accounts likewise
posted lower net receipts during the quarter.
 Trade-in-Goods
Trade-in-goods The trade-in-goods deficit widened to US$5.8 billion in Q3 2015 from
deficit increases. US$3.9 billion in Q3 2014 as exports of goods contracted by 20.5 percent,
which outpaced the decline in imports of goods.
1
Primary Income account (formerly the Income account) shows the flows for the use of labor and financial resources between resident and
non-resident institutional units. Secondary Income account (formerly the Current Transfers account) shows current transfers, in cash or in kind,
for nothing in return, between residents and non-residents.
Department of Economic Statistics
Balance of Payments
 Exports of Goods2
Third Quarter 2015
Exports of goods Exports of goods totaled US$10.8 billion in Q3 2015 compared to
decline. US$13.6 billion posted in the same quarter a year ago. The 20.5 percent
decline was on account largely of the contraction in shipments to the
country’s major trading partners such as Japan, the US, China, Hong Kong,
and Singapore. Declines were registered across all major commodity
groups, except for petroleum products. Exports of manufactures fell by
17.8 percent to US$9 billion owing largely to the decline in shipments of
chemicals (by 62.8 percent), non-consigned electronic products (including
other electronics) (by 9.8 percent), machinery and transport equipment
(by 14.8 percent), and garments (by 36.2 percent). Exports of mineral
products, amounting to US$661 million, dropped by 43.7 percent as a
result of the decline in shipments of other mineral products (e.g., ores,
nickel oxide and other intermediate products of nickel). Exports of coconut
products dipped by 29.8 percent to reach US$374 million due to lower
export volume (as a result of the lingering impact of typhoons and pest
damage), and export price. Exports of fruits and vegetables went down by
27.2 percent in view of decreased shipments of bananas owing to weak
demand (Table 2.1).
Exports by Major Commodity Group
Q3 2015
(Percent Share)
Other agrobased
2.1%
Coconut
3.5%
Mineral
6.1%
Electronics
37.1%
Petroleum
1.2%
Others
31.4%
Fruits & vegs
2.9%
Source: Philipine Statistics Authority (PSA)
Machinery
12.9%
Garments
2.8%
 Imports of Goods2
Imports of goods Imports of goods amounted to US$16.6 billion in Q3 2015, lower by
drop. 5 percent than the US$17.4 billion registered in the same quarter the
previous year. Decreased imports of mineral fuels and lubricants
(by 51.9 percent) contributed mainly to the decline in total imports. Falling
world oil prices resulted in lower importations of other mineral fuels and
lubricants (by 64.1 percent) and petroleum crude (by 41.1 percent) even
as import volume increased.3 Imports of coal and coke also decreased
(by 41.3 percent) during the quarter.
2
3
Based on BPM6 concept (excluding from the Philippine Statistics Authority (PSA) foreign trade statistics those goods that did not involve change
in ownership): consigned goods are deducted, in addition to the exclusion of returned/replacement goods, and temporarily imported/exported
goods. For example, of the total electronics exports, 17 percent are on consignment basis.
Based on World Bank Commodities Price data, the average price of Dubai crude oil in Q3 2015 declined to US$49.9/barrel from US$101.5/barrel
in Q3 2014.
Department of Economic Statistics
2
Balance of Payments
Third Quarter 2015
Meanwhile, imports of raw materials and intermediate goods, which
totaled US$6.3 billion in Q3 2015, increased by 20.8 percent on account
mainly of higher purchases of semi-processed raw materials
(by 23.5 percent), in particular materials and accessories for the
manufacture of non-consigned electronics and other manufactured goods,
specifically iron and steel, and metal products.
Imports of capital goods grew by 26.1 percent on account largely of higher
importation of power generating and specialized machines
(by 47.2 percent), telecommunication equipment and electrical machines
(by 35.1 percent), and land transport equipment excluding passenger cars
and motorized cycles. Similarly, consumer goods imports rose by
34.1 percent to US$3.3 billion as purchases of durable and non-durable
goods were higher by 47.1 percent and 21.5 percent, respectively.
Increments in imports of durable goods (e.g., passenger cars and
motorized cycle, miscellaneous manufactures) were posted during the
quarter, along with increased purchases of non-durable goods, notably
fruits and vegetables, and fish and fish preparation.

Trade-in-Services
Net receipts in The trade-in-services account registered net receipts amounting to
trade-in-services are US$540 million in Q3 2015, 28.8 percent lower than the US$759 million
lower. net receipts in Q3 2014. The decrease stemmed largely from higher net
payments recorded in travel, and government goods and services
combined with lower net receipts from computer services.4 Meanwhile,
higher net receipts were posted in other business services
(by 6.7 percent), the bulk of which were technical, trade-related and other
business services amounting to US$2.9 billion.5 Export revenues from
business process outsourcing services grew by 6.1 percent to reach
US$4.2 billion in Q3 2015 from US$ 4 billion in Q3 2014. Growth in net
receipts was also recorded in financial, and personal, cultural, and
4
5
Include BPOs pertaining to software publishing and development.
Include manufacturing services on physical inputs owned by others, mostly electronic products, and business process outsourcing (BPOs)
pertaining mostly to contact centers, animation, and medical transcriptions.
Department of Economic Statistics
3
Balance of Payments

Third Quarter 2015
recreational services while lower net payments was posted in transport
services.6
Primary Income
Net receipts from The primary income account posted net receipts of US$194 million in
primary income Q3 2015, lower compared to the US$271 million net receipts in Q3 2014.
decrease. The 28.3 percent decline was due mainly to increased net payments of
investment income (by 7.9 percent), particularly dividends and reinvested
earnings on foreign direct investments. Meanwhile, compensation inflows
from resident overseas Filipino (OF) workers, which amounted to
US$2 billion during the quarter, grew by 2.6 percent. Higher interest
receipts on reserve assets (by 19.7 percent) were also recorded.

Secondary Income
Net receipts from
secondary income
also post slight
decline.
Net receipts in the secondary income account, amounting to US$5.7 billion
in Q3 2015, slightly dropped from the US$5.8 billion net receipts in the
same quarter a year ago. The 1.1 percent decline emanated mainly from
lower net receipts in other current transfers (by 45.6 percent), mainly gifts
and donations. Meanwhile, personal transfers registered a modest growth
of 1 percent to reach US$5.4 billion in Q3 2015. The bulk of these personal
transfers came from non-resident OF workers' remittances
(about 98 percent), which rose by 1.1 percent to US$5.3 billion. The
continued demand for OF workers remained the key driver of sustained
remittance inflows. The initiatives of banks and non-bank remittance
service providers to expand their international and domestic market
coverage through tie-ups abroad and the introduction of innovations in
their remittance products also provided support to the steady inflow of
remittances Table 5).
Capital Account
Capital account net Net receipts in the capital account fell slightly to US$21 million in
receipts decline Q3 2015. These consisted largely of other capital transfers to the National
moderately. Government (NG).
Financial Account
Financial account The financial account yielded net outflows (or net lending by residents to
posts lower net the rest of the world) of US$858 million in Q3 2015, slightly lower by
outflows. 3.6 percent than the US$891 million net outflows in the same quarter in
2014. The decline in net outflows resulted from the reversal of direct
investments, other investments, and financial derivatives to net inflows
from net outflows in Q3 last year. Meanwhile, the portfolio investment
account registered net outflows during the quarter, which more than
offset the net inflows posted in the other financial accounts.
6
Based on BPM6, financial services consist of: a) explicitly charged and other financial services; and b) financial intermediation services indirectly
measured (FISIM). FISIM refers to margins between interest payable and reference rate on loans and deposits.
Department of Economic Statistics
4
Balance of Payments
Third Quarter 2015
 Direct Investments
Direct investment The direct investment account registered net inflows of US$118 million in
account reverses to Q3 2015 from US$904 million net outflows in the comparable quarter last
net inflows. year. Residents’ net incurrence of liabilities (foreign direct investments in
the Philippines or FDI) totaled US$2.5 billion, which was more than their
net acquisition of financial assets of US$2.4 billion. FDI during the quarter
grew by 74.7 percent to reach US$2.5 billion as all components posted
increases during the quarter. In particular, non-residents’ net placements
in debt instruments (or intercompany borrowings) and equity capital rose
significantly by 89.5 percent (to US$1.5 billion) and 76.1 percent
(to US$785 million), respectively. Reinvestment of earnings likewise grew
by 5.6 percent to reach US$191 million. Gross placements of equity capital
came mainly from the United Kingdom, the Netherlands, Japan, the
United States, and Singapore. The industries that benefited from the
equity capital placements were manufacturing, financial and insurance,
construction, real estate, and mining and quarrying. Meanwhile, residents’
net acquisition of financial assets increased by 2 percent as net lending to
their non-resident affiliates/subsidiaries rose by 46 percent to
US$1.9 billion. This more than offset the 51.8 percent decline in
residents’ net placements abroad of equity capital, which settled at
US$506 million in Q3 2015.

Portfolio Investments
Portfolio
investments account
registers net
outflows.

The portfolio investment account recorded net outflows of US$3.2 billion
in Q3 2015, a reversal of the US$885 million net inflows in the same
quarter last year. This development was driven by residents’ net
repayment of liabilities of US$2.3 billion (from net incurrence of
US$659 million) coupled with residents’ net acquisition of financial assets
amounting to US$894 million (from net disposal of US$226 million). Net
outflows arising from net repayment of liabilities came from
non-residents’ net withdrawal of investments in equity securities
(US$1.3 billion) and residents’ redemption of debt securities (US$1 billion)
held by non-residents, particularly by the NG and corporates. Meanwhile,
net outflows from net acquisition of financial assets came largely from
residents’ net placements in debt securities issued by non-residents
amounting to US$774 million during the quarter.
Other Investments
Other investment The other investment account recorded net inflows of US$2.2 billion in
account reverses to Q3 2015, a turnaround from the US$863 million net outflows in the same
net inflows. quarter in 2014. The inflows emanated from the combined effect of
residents’ net disposal of financial assets acquired from non-residents
(US$1.2 billion) and net incurrence of liabilities (US$1.1 billion) during the
quarter. Residents’ net incurrence of liabilities was mainly on account of
loans availed by local banks from non-resident creditors (US$793 million).
Meanwhile, the higher net disposal of financial assets was due to nonresidents’ repayment of debt extended by local banks (US$617 million)
Department of Economic Statistics
5
Balance of Payments

Third Quarter 2015
and residents’ net withdrawals of currency and deposit placements
abroad (US$520 million).
Financial Derivatives
Trading in financial The financial derivatives account posted a net gain of US$28 million during
derivatives results in the review quarter compared to US$9 million in Q3 2014
net gain. (Table 9).
January–September 2015 Developments
BOP position for the
first three quarters
of 2015 reverses to
a surplus.
The BOP position for the first nine months of 2015 yielded a surplus of
US$1.8 billion, a reversal of the US$3.4 billion deficit posted in the same
period a year ago. This stemmed from the marked decline in net outflows
in the financial account even as the current account surplus decreased.
The reduction in net outflows in the financial account was due to the
reversal of the other investment account to net inflows from net outflows
during the previous year and the higher net inflows in the direct
investment account. These positive developments more than offset the
increased net outflows in portfolio investments. Meanwhile, the
sustained surplus in the current account was boosted by increments
registered in net receipts from the primary and secondary income
accounts and trade-in-services which mitigated the higher deficit in
trade-in-goods (Table 1).
Balance of Payments ( in million US$)
Jan-Sep
2015 2014
Current Account
Capital Account
Financial Account
Net Unclassified Items
5555
59
3138
-668
6833
74
5806
-4532
Overall BOP
1808
-3432
Current Account
The current account The current account remained in surplus at US$5.6 billion (2.6 percent of
surplus declines. GDP) in the first three quarters of 2015, albeit lower compared to
US$6.8 billion (3.3 percent of GDP) in the same period last year. The 18.7
percent contraction in the current account surplus was on account mainly
of the widening of the trade-in-goods deficit.

The trade-in-goods deficit in the first nine months of 2015 widened by
20.9 percent as the decrease in exports of goods (by 15.6 percent)
surpassed the contraction in imports of goods (by 7.1 percent).
Exports of goods in the first nine months of 2015 at US$31.9 billion
were lower compared to US$37.8 billion in the same period in 2014
as all major commodity groups registered declines. Exports of
Department of Economic Statistics
6
Balance of Payments
Third Quarter 2015
manufactured goods dropped by 13.4 percent owing largely to
decreased shipments of non-consigned electronics, chemicals,
processed food and beverages, wood manufactures, garments and
machinery and transport equipment. Exports of mineral products and
fruits and vegetables dropped markedly during the period.
Imports of goods declined to US$45.7 billion in the first three
quarters of the year from US$49.2 billion in the same period in 2014
as a result primarily of the 42.8 percent decline in imports of mineral
fuel and lubricants following the continued fall in international
market prices of crude oil. By contrast, uptrends were recorded in
imports of capital goods (by 15 percent), particularly power
generating and
specialized
machines;
consumer
goods
(by 18.5 percent), specifically durables; and raw materials and
intermediate goods (by 6.9 percent), largely manufactured goods,
particularly materials and accessories for the manufacture of
electronic products, and chemicals.
7

Net receipts in the trade-in-services account expanded by
16 percent to US$1.6 billion in the first nine months of 2015. This
developed on account mainly of increased net receipts from
technical, trade-related and other business services7 (by 5.1 percent)
combined with decreased net payments for financial, construction,
maintenance and repair, and transport services. These gains were
mitigated by higher net payments for travel, insurance and pension,
charges for use of intellectual property, government goods and
services, and the reversal of the personal, cultural and recreational
services to net payments from net receipts.

The primary income account registered net receipts of
US$1.2 billion, more than twice the US$559 million net receipts in the
same period last year. This was due primarily to lower net payments
in investment income (by 8.1 percent). Higher net interest receipts
from intercompany borrowings as well as lower net outlays for
reinvested earnings on direct investments were recorded during the
period. The improvement in the primary income account was also
boosted by the 3.6 percent increase in earnings of resident OF
workers at US$5.7 billion in January-September 2015 from
US$5.5 billion in the same period in 2014.

Net receipts in the secondary income account recorded a modest
growth of 1.8 percent to US$16.6 billion, buoyed mainly by the
4 percent increment in remittances of non-resident OF workers
amounting to almost US$15.3 billion.
Total BPO receipts for January-September 2015 amounted to US$12.3 billion, 8.7 percent higher than the US$11.3 billion in the same period in
2014.
Department of Economic Statistics
7
Balance of Payments
Third Quarter 2015
Capital Account
Net receipts in the The capital account registered net receipts of US$59 million in the first
capital account three quarters of the year, lower by 19.5 percent than the US$74 million
drop. recorded in the same period last year. This resulted from lower net
capital transfers to the NG.
Financial Account
The financial The financial account posted net outflows (or net lending of residents to
account registers the rest of the world) of US$3.1 billion in January-September 2015, a
lower net outflows. decline of 45.9 percent from the US$5.8 billion net outflows posted in the
same period last year. The decline in net outflows was largely on account
of the reversal of the other investment account to net inflows and higher
net inflows of direct investments.
Direct investment account. Net inflows of direct investments rose to
US$160 million in the first three quarters of 2015 from only US$5 million
in the same period last year. The higher net inflows were due mainly to
the 8.8 percent decline in residents’ net acquisition of financial assets
which reached US$4.4 billion during the period. In particular, residents’
placements of equity capital abroad dropped by 34.4 percent to settle at
US$959 million. Meanwhile, FDI was moderately lower by 5.5 percent at
US$4.5 billion in January-September 2015 compared to the same period
last year. This was largely on account of the 16.2 percent drop in
non-residents’ investments in debt instruments issued by local affiliates
(or intercompany borrowings) which settled at US$2.5 billion.
Non-residents’ net placements of equity capital, however, grew by
12.5 percent to US$2 billion. Gross equity capital placements came
mainly from the United States, Japan, the United Kingdom, the
Netherlands, and Singapore. These were channeled to manufacturing,
financial and insurance, real estate, wholesale and retail trade, and
construction.
Portfolio investment account. Net outflows of portfolio investments
increased more than fivefold to reach US$6.7 billion in the first three
quarters of 2015. This was due mainly to the increase in residents’ net
acquisition of financial assets amounting to US$3.4 billion combined with
residents’ net repayment of liabilities of US$3.2 billion. Residents’ net
acquisition of financial assets consisted largely of net placements by
domestic deposit-taking corporations in debt securities (US$2.3 billion)
and by non-bank corporations in equity securities (US$660 million) issued
by non-residents. Meanwhile, net repayment of liabilities was accounted
for by the NG’s net redemption of government securities (US$1.8 billion)
and by local corporations’ net redemption of debt securities
(US$685 million) held by non-residents.
Other investment account. The other investment account yielded net
inflows of US$3.3 billion, a reversal of the US$4.6 billion net outflows
recorded during the same period in the previous year. Contributing
Department of Economic Statistics
8
Balance of Payments
Third Quarter 2015
largely to this reversal were the following: a) local banks’ net withdrawal
of currency and deposit placements in foreign banks (US$1.8 billion, from
net placements amounting to US$1.2 billion), b) non-residents’ net
repayment of loans extended by local banks (US$2 billion, from net
availment of US$1.3 billion), and c) significant decline in residents’ net
repayment of loans owed to non-resident creditors (US$274 million, from
US$1.9 billion).
Reserve Assets
Gross international The country’s gross international reserves (GIR) slightly decreased to
reserves remain US$80.55 billion as of end-September 2015 from the US$80.64 billion
adequate. level as of end-June 2015. At this level, reserves could still sufficiently
cover 10.3 months’ worth of imports of goods and payments of services
and income. It was also equivalent to 5.5 times the country’s short-term
external debt based on original maturity and 4.2 times based on residual
maturity.8 The slight decrease in the country’s GIR was due to payments
by the National Government (NG) for its maturing foreign exchange
obligations.
Gross International Reserves
2010 - September 2015
As of end-periods indicated
US$ billion
90
80
70
60
50
40
30
20
10
0
Months Imports
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJS
2010
2012
2011
GIR
2013
2014
MIGSI
In terms of asset component, the bulk of international reserves
(or 87.9 percent) was held in the form of foreign investments.
Meanwhile, 8.7 percent of total GIR were held in gold and the remaining
3.4 percent were aggregated holdings of Special Drawing Rights (SDRs)
(1.5 percent), foreign exchange (1.4 percent), and reserve position in the
IMF (0.6 percent).
Exchange Rate
Peso further The peso weakened by 3.0 percent to average P46.05/US$1 in Q3 2015,
weakens. from P44.67/US$1 in Q2 2015, and by 5.0 percent from P43.77/US$1 in
Q3 2014. This resulted in the depreciation of the peso by 1.76 percent for
8
Residual maturity refers to outstanding short-term debt based on original maturity plus principal payments on medium- and long-term loans of
the public and private sectors falling due in the next 12 months.
Department of Economic Statistics
9
Balance of Payments
Third Quarter 2015
January-September 2015 to average P45.05/US$1. The peso continued to
depreciate due to global uncertainties brought about by the slowdown in
the Chinese economy, devaluation of the yuan, and the prospect of rising
US interest rates.
Exchange rate
volatility increases
to P 0.67 in
Q3 2015.
In view of the prevailing global uncertainties in Q3 2015, the exchange
rate recorded increased volatility with a standard deviation of P0.67 in
Q3 2015 from P0.29 in Q2 2015 and from P0.38 in the comparable period
last year.
Peso loses its
competitiveness
against the baskets
of currencies in
MTPs, TPI-A, and
TPI-D.
On a year-on-year basis, the peso’s average nominal effective exchange
rate (NEER) appreciated against the baskets of currencies of major
trading partners (MTPs), trading partners in advanced (TPI-A) and
developing (TPI-D) countries by 4.3 percent, 7.3 percent, and
2.2 percent, respectively. Meanwhile, the peso’s real effective exchange
rate (REER) index increased against the baskets of currencies in the
MTPs, TPI-A and TPI-D by 4.0 percent, 7.7 percent, and
1.4 percent, respectively. On a real trade-weighted basis, the peso lost
external competitiveness against the baskets of currencies of MTPs,
trading partners in advanced and developing countries, as the nominal
appreciation of peso offset the narrowing inflation differential.
Department of Economic Statistics
10
Balance of Payments
Third Quarter 2015
NEW EFFECTIVE EXCHANGE RATE INDICES OF THE PESO
For periods indicated; December 1980=100
NEER
Trading Partners
1/
1/
2/
3/
Overall
Overall
Advanced
Developing
2014
Jan
14.67
11.95
23.44
87.94
Feb
14.63
11.86
23.46
86.39
Mar
14.65
11.85
23.54
85.66
Qtr 1
14.65
11.89
23.48
86.66
Apr
14.68
11.90
23.54
85.92
May
14.89
12.07
23.88
87.16
Jun
14.96
12.15
23.95
87.81
Qtr 2
14.84
12.04
23.79
86.96
Jul
15.03
12.24
24.02
87.64
Aug
14.97
12.26
23.83
87.20
Sep
15.06
12.49
23.75
87.29
Qtr 3
15.02
12.33
23.87
87.38
Oct
14.94
12.40
23.55
86.88
Nov
15.18
12.79
23.69
88.19
Dec
15.46
13.04
24.09
89.30
Qtr 4
15.19
12.74
23.78
88.12
Jan-Dec
14.92
12.24
23.72
87.20
2015
Jan
15.66
13.28
24.29
95.10
Feb
15.88
13.51
24.61
95.00
Mar
15.97
13.69
24.61
94.48
Qtr 1
15.84
13.49
24.50
94.86
Apr
15.89
13.68
24.39
94.24
May
15.78
13.53
24.29
93.01
Jun
15.78
13.55
24.28
92.88
Qtr 2
15.82
13.59
24.32
93.38
Jul
15.79
13.53
24.33
91.96
Aug
15.68
13.24
24.42
91.01
Sep
15.53
12.92
24.45
89.66
Qtr 3
15.67
13.23
24.40
90.88
Memo Items: % Change, y-o-y
2014
Qtr 1
-6.63
-5.93
-7.15
-4.64
Qtr2
-4.43
-5.07
-3.96
-2.64
Qtr3
0.46
1.68
-0.41
3.03
Qtr 4
1.84
5.13
-0.46
3.68
Jan-Dec
-2.23
-1.16
-2.99
-0.28
2015
Qtr 1
8.10
13.52
4.35
9.46
Qtr 2
6.55
12.86
2.22
7.37
Qtr 3
4.32
7.29
2.23
4.01
REER
Trading Partners
2/
3/
Advanced
Developing
83.88
114.67
81.79
113.25
80.46
112.93
82.04
113.62
80.23
113.76
81.07
115.72
81.73
116.53
81.01
115.34
82.21
115.66
82.03
114.84
82.95
114.13
82.40
114.88
82.77
113.38
85.48
113.67
86.67
114.98
84.97
114.01
82.50
114.36
94.73
120.19
94.65
120.05
94.29
119.24
94.56
119.83
94.02
118.97
91.99
118.15
91.95
117.89
92.65
118.34
91.37
116.44
88.86
116.69
86.07
116.37
88.77
116.5
-3.29
-3.11
4.42
7.29
1.14
15.25
14.37
7.73
-5.59
-2.29
2.03
1.16
-1.29
5.47
2.60
1.41
1/ Australia, Euro Area, U.S., Japan, Hong Kong, Taiwan, Thailand, Indonesia, Malaysia, Singapore, South Korea, China, Saudi Arabia, and U.A.E.
2/ U.S., Japan, Euro Area, and Australia
3/ Hong Kong, Taiwan, Thailand, Indonesia, Malaysia, Singapore, South Korea, China, Saudi Arabia, and U.A.E.
Department of Economic Statistics
11
1 PHILIPPINES: BALANCE OF PAYMENTS
for periods indicated
in million U.S. dollars
Jan
Current Account
(Totals as percent of GNI)
(Totals as percent of GDP)
Export
Import
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
299
602
1002
816
1362
816
60
510
88
8027
7728
7925
7323
8851
7849
8472
7656
8459
7097
8795
7979
8902
8842
8601
8091
-1326
6341
7667
-1061
6209
7270
-882
6900
7783
-996
6589
7586
-511
6479
6990
-1208
6704
7912
-1806
6924
8730
-1480
-1320
-806
-1230
-764
-1352
5586
7066
5468
6788
6042
6848
5793
7022
5724
6489
-1811
-1932
-709
-1536
3188
4999
3298
5229
4008
4717
330
2398
2068
612
2171
1559
154
755
601
Secondary Income
Credit: Receipts
Debit: Payments
Capital Account
Credit: Receipts
Debit: Payments
Goods, Services, and Primary Income
Export
Import
Goods and Services
(Totals as percent of GNI)
(Totals as percent of GDP)
Export
Import
Goods
(Totals as percent of GNI)
(Totals as percent of GDP)
Credit: Exports
Debit: Imports
Services
Credit: Exports
Debit: Imports
Primary Income
Credit: Receipts
Debit: Payments
Financial Account
Net Acquisition of Financial Assets
Net Incurrence of Liabilities
Direct Investment
Net Acquisition of Financial Assets
Net Incurrence of Liabilities
Q3
Q2
2015 p
Growth (%)
2015 p
2014
2993
3.3
4.0
25726
22733
658
0.8
1.0
26293
25635
2924
3.5
4.2
28120
25196
-77.5
8790
8701
1904
2.3
2.8
24803
22899
-1374
6660
8034
-1877
6771
8649
-3269
19450
22719
-2716
19772
22488
-5058
20355
25413
-1840
-1328
-2083
5938
7291
6136
7976
5888
7216
5917
8001
-3606
-4.3
-5.3
17097
20703
-3346
-3.7
-4.5
17456
20802
-424
-1593
-2239
-1698
-1855
3124
4660
3738
4162
3792
5385
3680
5919
3646
5344
3459
5313
-4451
-5.3
-6.5
10494
14945
-97
2034
2131
306
2669
2362
-340
1986
2326
241
2146
1905
399
2456
2057
370
2242
1872
-229
2459
2687
259
740
481
-76
858
934
233
797
563
253
755
501
144
765
621
34
788
754
-46
772
818
1625
1686
61
1663
1716
53
1884
1950
66
1812
1883
71
1873
1980
107
2024
2091
67
1866
1978
112
6
7
1
4
8
4
6
8
2
7
8
1
7
8
1
7
9
1
-104
-714
-610
-287
1094
1381
1416
533
-884
-64
364
428
1377
21
-1356
54
317
263
-108
251
359
459
688
229
-276
106
382
-97
306
403
Jan-Sep
2015 p
2014
Growth (%)
2015 p
6833
2.7
3.3
79872
73039
-18.7
-6.5
1.7
5555
2.2
2.6
76822
71267
-2853
22169
25022
-77.2
-8.2
1.6
-11042
59577
70620
-9475
63087
72562
-16.5
-5.6
-2.7
-5252
-6.2
-7.6
17941
23193
-3124
-3.7
-4.5
19850
22974
-68.1
-12204
-4.7
-5.8
52494
64697
-10034
-4.0
-4.9
56339
66373
-21.6
-3553
-4.0
-4.8
10654
14207
-5792
-6.9
-8.4
10784
16576
-3883
-4.6
-5.6
13561
17444
-49.2
-11407
-4.6
-5.6
37834
49241
-20.9
-20.5
-5.0
-13796
-5.4
-6.5
31932
45729
845
6603
5758
207
6802
6594
540
7157
6617
759
6288
5530
-28.8
13.8
19.7
1593
20561
18969
1373
18505
17132
16.0
11.1
10.7
206
854
648
337
2353
2016
630
2316
1686
194
2414
2220
271
2319
2048
-28.3
4.1
8.4
1161
7083
5922
559
6748
6189
107.5
5.0
-4.3
1884
1941
57
1966
2018
53
5173
5353
180
5709
5954
245
5716
5938
222
5778
5951
174
-1.1
-0.2
27.7
16598
17245
647
16307
16784
477
1.8
2.7
35.8
6
7
1
7
7
1
8
9
1
17
24
7
21
25
4
21
24
2
22
28
6
-4.3
-15.3
-59.3
59
72
13
74
84
10
-19.5
-13.7
29.6
-58
861
919
-251
358
609
888
520
-367
221
1152
930
1025
913
-113
1255
1246
-9
858
2030
1172
891
1975
1084
-3.6
2.8
8.1
3138
4189
1050
5806
8947
3141
-45.9
-53.2
-66.6
-73
329
403
-215
237
452
-198
329
526
295
1814
1519
405
1256
851
-447
741
1188
-118
2380
2498
904
2333
1430
-113.1
2.0
74.7
-160
4377
4537
-5
4798
4802
-3307.1
-8.8
-5.5
-9.6
1.0
Page 1 of 18
-3.8
-2.4
-6.8
-2.5
-15.6
-7.1
1 PHILIPPINES: BALANCE OF PAYMENTS
for periods indicated
in million U.S. dollars
Jan
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q2
Q3
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
Portfolio Investment
Net Acquisition of Financial Assets
Net Incurrence of Liabilities
-792
165
957
-189
542
731
1377
1022
-356
732
274
-458
1524
475
-1049
795
53
-742
676
217
-459
976
178
-798
1574
499
-1075
396
1728
1332
3050
802
-2248
3226
894
-2332
-885
-226
659
464.5
495.0
-454.0
6672
3424
-3248
1277
1544
268
422.7
121.7
-1312.5
Financial Derivatives
Net Acquisition of Financial Assets
Net Incurrence of Liabilities
-6
-22
-16
12
-18
-30
-17
-34
-18
-6
-23
-17
-5
-20
-15
-21
-31
-11
-10
-21
-10
-22
-44
-23
4
-24
-27
-10
-74
-64
-32
-74
-42
-28
-89
-60
9
-74
-83
-407.3
-19.8
27.6
-70
-237
-166
-16
-196
-180
-328.7
-20.6
7.4
Other Investment
Net Acquisition of Financial Assets
Net Incurrence of Liabilities
640
-1173
-1813
-2
319
321
-403
-1143
-740
-514
6
520
-45
-740
-695
-759
510
1269
-701
-75
626
132
58
-73
-1651
-1138
513
234
-1998
-2232
-1317
-223
1094
-2221
-1155
1066
863
-59
-921
-357.5
-1872.2
215.7
-3304
-3375
-72
4551
2801
-1750
-172.6
-220.5
95.9
-273
91
164
-507
-49
-396
37
-78
344
-18
-953
303
-1344
122.5
-668
-4532
85.3
136
985
-244
380
-58
485
354
-450
219
-241
4
383
4
-54
3
467
-18
358
4
-446
3
223
4
124
0.1
0.2
135
11
712
0.8
1.0
723
11
-81.4
0.8
1808
0.7
0.9
1819
11
-3432
-1.4
-1.7
-3421
11
152.7
988
3
807
0.9
1.1
796
-11
-82.6
140
4
877
1.1
1.3
888
11
153.2
-0.2
411
387
43
-19
2011
358
369
-6
-5
2078
554
495
65
-6
2326
377
410
-26
-7
2233
-947
-908
-39
2321
-298
-325
20
8
2406
-609
-652
48
-5
2299
159
178
-23
4
2260
-902
-879
-25
2
2434
1324
1252
102
-31
6414
-867
-824
-45
1
6960
-1353
-1354
1
1
6993
1621
1555
37
28
6900
-183.5
-187.1
-98.4
-97.4
1.3
-896
-926
58
-29
20367
5080
5044
-6
42
19602
-117.6
-118.4
1082.9
-168.3
3.9
1814
1876
2101
2015
2099
2179
2078
2044
2201
5791
6293
6323
6235
1.4
18408
17682
4.1
NET UNCLASSIFIED ITEMS
OVERALL BOP POSITION
(Totals as percent of GNI)
(Totals as percent of GDP)
Debit: Change in Reserve Assets
Credit: Change in Reserve Liabilities
Memo Items:
Change in Net Foreign Assets (NFA) of Deposit-taking
corporations, except the central bank
Change in Commercial Banks' (KBs) NFA
Change in Thrift Banks' (TBs) NFA
Change in Offshore Banking Units' (OBUs) NFA
Personal Remittances
of which: OF Cash Remittances channeled thru the
banking system
Details may not add up to total due to rounding.
- Rounds off to zero
p Preliminary
Technical Notes:
1. Balance of Payments Statistics from 2005 onwards are based on the IMF's Balance of Payments and International Investment Position Manual, 6th Edition.
2. Financial Account, including Reserve Assets, is calculated as the sum of net acquisitions of financial assets less net incurrence of liabilities.
3. Balances in the current and capital accounts are derived by deducting debit entries from credit entries.
4. Balances in the financial account are derived by deducting net incurrence of liabilities from net acquisition of financial assets.
5. Negative values of Net Acquisition of Financial Assets indicate withdrawal/disposal of financial assets; negative values of Net
Incurrence of Liabilities indicate repayment of liabilities.
6. Overall BOP position is calculated as the change in the country's net international reserves (NIR), less non-economic transactions
(revaluation and gold monetization/demonetization). Alternatively, it can be derived by adding the current and capital account balances
less financial account plus net unclassified items.
7. Net unclassified items is an offsetting account to the overstatement or understatement in either receipts or payments of the recorded
BOP components vis-à-vis the overall BOP position.
8. Data on Deposit-taking corporations, except the central bank, consist of transactions of commercial and thrift banks and offshore banking units (OBUs).
Page 2 of 18
2 GOODS
for periods indicated
in million U.S. dollars
Jan
Goods
Exports
Imports
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
-1811
3188
4999
-1932
3298
5229
-709
4008
4717
-1536
3124
4660
-424
3738
4162
-1593
3792
5385
-2239
3680
5919
-1698
3646
5344
-1855
3459
5313
-4451
10494
14945
-3553
10654
14207
-5792
10784
16576
-3883
13561
17444
-49.2
-20.5
-5.0
-13796
31932
45729
-11407
37834
49241
-20.9
-15.6
-7.1
General Merchandise on a BOP basis
-1822
-1943
-719
-1543
-429
-1621
-2270
-1727
-1889
-4485
-3594
-5886
-3933
-49.7
-13965
-11646
-19.9
General Merchandise Exports, fob
3176
3287
3998
3117
3733
3764
3649
3617
3424
10461
10614
10690
13511
-20.9
31764
37595
-15.5
5
5
17
9
8
10
12
11
15
28
27
39
33
18.4
93
194
-51.8
4999
5229
4717
4660
4162
5385
5919
5344
5313
14945
14207
16576
17444
-5.0
45729
49241
-7.1
1
2
4
-
-
3
2
2
2
7
3
6
11
-48.3
16
37
-57.1
4
5
2
4
3
6
4
4
4
4
1
4
2
4
2
4
2
4
9
15
9
12
7
13
3
14
130.4
-9.2
25
40
8
45
210.7
-9.2
11
11
0
9
9
0
7
7
0
7
7
0
5
5
0
25
25
0
29
29
0
27
27
0
33
33
0
27
27
0
37
37
0
89
89
0
39
39
0
124.9
124.9
--
153
153
0
202
202
0
-24.3
-24.3
--
Of which: Re-exports
General Merchandise Imports, fob
Net exports of goods under merchanting
Goods acquired under
merchanting (negative credits)
Goods sold under merchanting
Nonmonetary Gold
Exports
Imports
Details may not add up to total due to rounding.
p Preliminary
- Rounds off to zero
-- Infinite growth rate
Page 3 of 18
3 SERVICES
for periods indicated
in million U.S. dollars
Jan
Services
Exports
Imports
Maintenance and repair services n.i.e.
Exports
Imports
Transport
Exports
Imports
of which: Passenger
Exports
Imports
of which: Freight
Exports
Imports
of which: Other
Exports
Imports
Travel
Exports
Imports
Construction
Exports
Imports
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
330
2398
2068
612
2171
1559
-97
2034
2131
306
2669
2362
-340
1986
2326
241
2146
1905
399
2456
2057
370
2242
1872
-229
2459
2687
845
6603
5758
207
6802
6594
540
7157
6617
759
6288
5530
-28.8
13.8
19.7
1593
20561
18969
1373
18505
17132
16.0
11.1
10.7
8
8
-1
8
9
-1
7
8
8
8
1
11
10
-1
10
11
-3
7
10
-2
6
8
-2
6
8
-2
23
25
29
29
-7
19
27
2
18
16
-578.0
10.0
65.8
-10
71
81
-20
56
76
51.3
26.4
5.7
-166
140
307
-142
159
301
-178
145
323
-169
140
310
-145
133
278
-192
145
338
-126
189
315
-136
165
301
-172
170
342
-487
444
931
-506
418
925
-434
524
958
-441
552
993
1.6
-5.0
-3.5
-1427
1387
2814
-1455
1398
2853
1.9
-0.8
-1.4
30
81
51
-175
32
206
-22
27
49
50
81
31
-183
33
216
-9
45
55
26
75
49
-168
40
208
-36
30
66
32
91
58
-160
31
191
-42
18
60
31
80
49
-141
37
178
-34
16
50
49
91
41
-202
38
240
-39
17
56
58
93
36
-143
74
216
-41
22
63
40
74
34
-155
73
228
-21
19
40
59
109
50
-193
35
228
-38
26
64
106
237
131
-525
105
630
-67
102
169
112
261
149
-503
107
609
-116
51
167
156
276
120
-491
181
672
-100
67
167
129
256
127
-465
223
689
-105
72
178
20.9
7.8
-5.5
-5.4
-18.9
-2.5
5.1
-7.3
-6.0
375
774
400
-1519
393
1911
-283
220
503
319
732
413
-1488
466
1954
-286
200
486
17.3
5.7
-3.2
-2.1
-15.8
-2.2
1.0
10.0
3.5
-646
534
1181
-258
453
711
-717
408
1125
-896
432
1328
-724
397
1121
-545
402
946
-713
468
1181
-471
514
986
-1141
387
1528
-1621
1395
3016
-2165
1230
3395
-2325
1369
3694
-1955
1004
2959
-18.9
36.4
24.8
-6112
3994
10106
-6042
3655
9697
-1.2
9.3
4.2
1
3
2
-2
3
4
6
8
2
-17
3
20
4
6
3
6
6
-1
6
7
-2
4
7
-1
4
5
5
14
9
-13
16
29
-4
15
18
-13
14
27
71.6
7.7
-31.3
-11
45
56
-25
35
59
54.2
28.6
-5.8
Page 4 of 18
3 SERVICES
for periods indicated
in million U.S. dollars
Jan
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
Insurance and pension services
Exports
Imports
-64
6
71
-64
8
72
-68
15
84
-58
8
66
-52
8
60
-50
9
60
-37
15
52
-40
11
51
-65
8
72
-197
29
227
-161
26
186
-143
34
176
-182
46
228
21.7
-26.5
-22.7
-500
89
589
-489
91
580
-2.4
-2.4
1.6
Financial Services
Exports
Imports
-19
14
33
-10
14
24
-37
16
53
-25
16
40
-30
47
77
28
70
42
-1
36
36
17
35
18
3
36
33
-66
44
110
-26
133
159
20
107
87
-9
64
72
330.5
67.9
20.0
-72
284
355
-137
104
240
47.6
173.8
48.0
-11
3
14
-8
3
11
-7
4
12
-12
3
15
-26
35
61
47
58
11
-10
14
24
3
13
10
5
14
9
-26
10
36
9
96
87
-2
41
43
9
24
15
-123.8
70.1
177.9
-19
147
166
-17
40
57
-10.6
266.2
189.7
-8
11
19
-2
11
13
-30
11
41
-13
12
25
-4
12
16
-18
12
31
9
22
13
14
22
8
-2
22
24
-39
34
74
-35
37
72
22
66
44
-17
40
57
227.8
66.6
-22.9
-53
137
190
-119
63
183
55.9
115.5
3.6
Charges for the use of intellectual property n.i.e
Exports
Imports
-34
34
-27
2
30
-57
1
58
-63
2
65
-66
66
-72
73
-43
1
43
-44
2
46
-67
1
68
-119
3
122
-201
2
204
-153
4
158
-156
2
158
1.7
83.9
-0.5
-474
10
484
-377
7
384
-25.7
30.2
25.8
Telecommunications, computer, and
information services
Exports
Imports
263
304
41
280
346
67
204
262
58
237
284
47
143
201
58
209
264
56
253
303
50
215
265
50
249
314
65
747
913
166
589
749
160
718
882
164
827
961
134
-13.2
-8.2
22.8
2053
2544
491
2083
2571
487
-1.4
-1.0
0.7
Telecommunication services
Exports
Imports
3
25
22
-27
16
43
2
27
26
4
20
16
-2
30
32
-1
29
30
19
36
17
3
27
24
-23
19
41
-22
69
91
1
80
78
-1
82
82
22
74
52
-103.8
10.5
60.0
-22
230
251
-13
274
287
-68.2
-16.2
-12.4
Explicitly charged and other financial services
Exports
Imports
Financial intermediation services
indirectly measured (FISIM)
Exports
Imports
Page 5 of 18
3 SERVICES
for periods indicated
in million U.S. dollars
Jan
Computer services
Exports
Imports
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
261
279
18
308
330
22
203
234
31
234
263
29
147
170
24
212
235
23
236
266
30
213
238
25
273
295
22
772
843
71
593
669
76
722
800
78
806
886
80
-10.4
-9.7
-3.1
2087
2312
225
2099
2295
196
-0.6
0.7
14.8
-1
1
-1
1
-1
1
1
-1
1
-1
1
-3
3
-1
2
-1
2
-1
1
-3
1
4
-5
1
6
-4
1
4
-2
1
2
-120.8
0.5
88.3
-12
3
14
-3
2
4
-308.9
71.0
222.9
1016
1377
361
850
1165
315
767
1157
390
1315
1764
449
671
1171
500
874
1219
345
1090
1422
332
851
1224
374
985
1521
537
2634
3698
1065
2860
4155
1294
2925
4167
1242
2741
3597
856
6.7
15.9
45.1
8419
12021
3602
7984
10489
2505
5.4
14.6
43.8
1
9
7
3
5
3
3
7
5
2
5
3
3
5
2
4
4
1
7
10
3
9
14
5
6
7
1
6
21
15
9
15
6
22
31
10
5
17
12
373.5
87.6
-19.9
37
67
30
6
39
33
487.1
70.6
-8.9
-10
3
14
-9
3
12
-11
3
14
-5
5
10
-4
5
8
-3
7
11
-6
3
9
-7
4
11
-7
4
11
-30
10
40
-12
16
29
-20
11
31
-18
11
29
-14.4
-1.5
8.2
-63
37
100
-54
27
81
-16.7
37.5
23.7
1025
1365
340
856
1156
300
776
1147
371
1318
1754
436
672
1162
489
873
1208
334
1089
1408
319
849
1207
358
986
1510
524
2657
3667
1010
2864
4124
1260
2924
4125
1201
2754
3569
815
6.2
15.6
47.3
8444
11916
3472
8032
10422
2391
5.1
14.3
45.2
5
9
5
9
12
3
9
14
6
6
11
5
-119
10
130
14
19
5
3
9
6
7
13
6
4
10
6
22
36
13
-99
40
139
15
32
17
13
28
16
13.2
12.5
11.8
-62
107
170
49
89
41
-228.4
20.1
314.6
Audiovisual and related services
Exports
Imports
1
3
2
2
3
1
2
4
2
2
3
2
2
4
2
3
5
2
1
3
2
1
4
3
2
2
5
10
5
6
12
6
2
9
7
6
11
5
-60.7
-14.3
49.7
14
32
18
27
38
11
-48.7
-15.8
63.5
Other personal, cultural, and
recreational services
Exports
Imports
4
7
3
7
9
2
7
10
3
5
7
3
-121
6
127
11
14
3
2
6
4
6
9
3
4
8
4
17
26
8
-105
28
133
12
23
11
6
17
11
85.7
29.2
-4.0
-76
76
152
22
52
30
-446.2
46.2
407.5
-23
1
25
-24
1
25
-24
1
25
-24
1
25
-23
1
25
-23
1
25
-23
1
25
-23
1
25
-23
1
25
-71
3
74
-70
3
74
-70
3
74
-66
3
70
-6.0
0.0
5.7
-211
10
222
-199
10
209
-6.4
0.0
6.0
Information services
Exports
Imports
Other business services
Exports
Imports
Research and development services
Exports
Imports
Professional and management
consulting services
Exports
Imports
Technical, trade-related, and other
business services 1/
Exports
Imports
Personal, cultural, and recreational services
Exports
Imports
Government goods and services n.i.e.
Exports
Imports
1/ Includes manufacturing services on physical inputs owned by others
Details may not add up to total due to rounding.
p Preliminary
- Rounds off to zero
Page 6 of 18
4 PRIMARY INCOME
for periods indicated
in million U.S. dollars
Jan
Primary Income
Receipts
Payments
Compensation of employees
Receipts
Payments
Investment income
Receipts
Payments
Direct investment
Receipts
Payments
Income on equity and investment fund shares
Receipts
Payments
Dividends and withdrawals from
income of quasi-corporations
Receipts
Payments
Direct investor in direct investment
enterprises
Receipts
Payments
Reinvested earnings
Receipts
Payments
Interest
Receipts
Payments
Direct investor in direct investment
enterprises
Receipts
Payments
Memorandum: Interest before FISIM
Receipts
Payments
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
2014
Growth (%)
2015 p
Jan-Sep
2015 p
2014
Growth (%)
2015 p
154
755
601
259
740
481
-76
858
934
233
797
563
253
755
501
144
765
621
34
788
754
-46
772
818
206
854
648
337
2353
2016
630
2316
1686
194
2414
2220
271
2319
2048
-28.3
4.1
8.4
1161
7083
5922
559
6748
6189
107.5
5.0
-4.3
608
617
9
605
614
9
689
700
11
638
650
12
623
632
9
616
624
9
636
644
8
607
616
9
709
718
9
1901
1931
30
1877
1906
29
1952
1979
26
1901
1929
28
2.7
2.6
-6.3
5731
5816
85
5532
5629
97
3.6
3.3
-12.2
-453
138
591
-346
126
472
-766
158
923
-405
147
552
-370
123
492
-472
141
612
-602
144
746
-653
156
809
-503
136
639
-1565
422
1986
-1246
410
1657
-1758
435
2194
-1630
390
2020
-7.9
11.6
8.6
-4569
1268
5837
-4972
1119
6092
8.1
13.3
-4.2
-115
74
188
-219
58
277
-370
56
426
-258
59
317
-122
57
180
-315
54
369
-236
58
293
-558
62
620
-312
58
370
-703
189
891
-696
170
866
-1106
178
1283
-871
182
1052
-27.0
-2.1
21.9
-2504
537
3041
-2659
490
3149
5.8
9.5
-3.4
-150
30
179
-259
15
274
-404
12
416
-291
14
305
-163
12
175
-355
8
363
-269
12
280
-599
15
615
-344
10
355
-813
57
870
-809
34
843
-1212
38
1250
-958
77
1035
-26.6
-51.3
20.8
-2834
129
2963
-2879
211
3090
1.6
-39.0
-4.1
-90
19
109
-212
4
216
-357
3
360
-221
3
224
-122
1
123
-294
2
296
-201
1
201
-549
4
553
-302
2
304
-659
26
685
-637
7
644
-1052
7
1059
-809
46
854
-30.1
-84.5
24.0
-2348
39
2387
-2321
117
2439
-1.2
-66.5
-2.1
-90
19
109
-212
4
216
-357
3
360
-221
3
224
-122
1
123
-294
2
296
-201
1
201
-549
4
553
-302
2
304
-659
26
685
-637
7
644
-1052
7
1059
-809
46
854
-30.1
-84.5
24.0
-2348
39
2387
-2321
117
2439
-1.2
-66.5
-2.1
-60
11
71
-47
11
58
-47
9
57
-70
11
81
-41
11
52
-61
6
67
-68
11
79
-50
11
61
-42
9
51
-154
31
185
-172
28
200
-160
30
191
-149
31
180
-7.4
-2.9
5.6
-486
90
575
-558
94
652
12.9
-4.7
-11.7
35
44
9
41
44
3
34
44
10
33
45
11
41
45
4
39
46
7
33
46
13
41
47
5
32
48
15
110
132
22
113
136
22
106
140
34
87
105
18
22.7
34.2
89.9
330
408
78
220
279
59
49.9
46.2
32.6
35
44
9
41
44
3
34
44
10
33
45
11
41
45
4
39
46
7
33
46
13
41
47
5
32
48
15
110
132
22
113
136
22
106
140
34
87
105
18
22.7
34.2
89.9
330
408
78
220
279
59
49.9
46.2
32.6
28
44
16
40
44
4
25
44
19
22
45
22
39
45
6
35
46
11
28
46
18
40
47
6
27
48
21
93
132
39
96
136
40
96
140
45
76
105
29
25.8
34.2
56.3
285
408
123
189
279
90
50.8
46.2
36.8
Page 7 of 18
4 PRIMARY INCOME
for periods indicated
in million U.S. dollars
Jan
Portfolio investment
Receipts
Payments
Income on equity and investment fund shares
Receipts
Payments
Dividends on equity excluding
investment fund shares
Receipts
Payments
Central Bank
Receipts
Payments
Deposit-taking corporations, except
the central bank
Receipts
Payments
General Government
Receipts
Payments
Other Sectors
Receipts
Payments
Interest
Receipts
Payments
Short-term
Receipts
Payments
Central Bank
Receipts
Payments
Deposit-taking corporations, except
the central bank
Receipts
Payments
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Growth (%)
2015 p
Q3
Q2
2015 p
2014
Growth (%)
2015 p
Jan-Sep
2015 p
2014
-372
9
382
-168
11
179
-421
39
460
-187
14
201
-273
8
281
-197
7
205
-406
16
422
-145
23
168
-218
1
219
-962
59
1021
-657
29
686
-769
39
809
-850
25
875
9.5
55.9
-7.6
-2388
128
2516
-2576
72
2648
7.3
78.7
-5.0
-8
8
-115
115
-286
286
-53
1
54
-186
186
-79
79
-57
0
57
-117
0
117
-90
0
90
-408
408
-317
1
319
-264
0
264
-264
264
-100.0
0.0
-990
1
991
-1017
1017
2.7
931.0
-2.6
-8
8
-115
115
-286
286
-53
1
54
-186
186
-79
79
-57
0
57
-117
0
117
-90
0
90
-408
408
-317
1
319
-264
0
264
-264
264
-100.0
0.0
-990
1
991
-1017
1017
2.7
931.0
-2.6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
----
0
0
0
0
0
0
----
0
0
0
0
-8
8
-28
0
28
0
0
0
-87
87
-25
0
25
0
0
0
-261
261
-9
0
9
0
0
0
-44
1
45
-12
0
12
0
0
0
-174
174
-40
0
40
0
0
0
-39
39
-28
0
28
0
0
0
-29
0
29
0
0
0
0
-117
0
117
-18
0
18
0
0
0
-72
0
72
-53
0
53
0
0
0
-355
355
-61
0
61
0
0
0
-256
1
258
-46
0
46
0
0
0
-219
0
219
-46
0
46
0
0
0
-218
219
0.0
-0.0
----100.0
0.0
-160
0
160
0
0
0
-830
1
832
-122
0
122
0
0
0
-895
895
-31.0
-31.0
---7.3
931.0
-7.1
-365
9
374
-53
11
64
-136
39
174
-134
13
147
-87
8
95
-118
7
126
-349
16
365
-29
23
51
-128
1
129
-554
59
613
-340
28
368
-505
39
544
-586
25
611
13.8
56.1
-10.9
-1398
127
1525
-1559
71
1630
10.3
77.1
-6.5
-26
26
-14
3
18
-12
7
19
-8
9
-17
17
-13
13
-23
23
-13
13
-18
0
18
-52
11
62
-39
39
-54
54
-68
68
21.2
1034.5
-21.0
-144
11
155
-188
188
23.2
96051.9
-17.3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
----
0
0
0
0
0
0
----
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
----
0
0
0
0
0
0
----
Page 8 of 18
4 PRIMARY INCOME
for periods indicated
in million U.S. dollars
Jan
General Government
Receipts
Payments
Other Sectors
Receipts
Payments
Long-term
Receipts
Payments
Central Bank
Receipts
Payments
Deposit-taking corporations, except
the central bank
Receipts
Payments
General Government
Receipts
Payments
Other Sectors
Receipts
Payments
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
-26
0
26
0
-18
0
18
3
3
-
-19
0
19
7
7
0
-9
0
9
0
-17
0
17
0
-13
0
13
-
-23
0
23
0
-13
0
13
0
-18
0
18
0
0
0
-62
0
62
11
11
-
-39
0
39
-
-54
0
54
0
-68
0
68
0
21.0
--21.0
1034.5
1034.5
--
-155
0
155
11
11
-
-188
0
188
0
17.3
--17.3
95964.6
96051.9
--
-339
9
348
-39
8
47
-124
31
155
-126
12
138
-70
8
78
-105
7
112
-326
16
342
-16
23
38
-110
1
111
-502
48
550
-301
28
329
-451
39
491
-518
25
543
12.8
55.6
-9.6
-1254
115
1370
-1371
71
1443
8.5
61.5
-5.1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-7
0
7
0
0
0
0
0
0
0
0
0
0
0
0
-7
0
7
0
0
0
0
0
0
----
-7
0
7
-7
0
7
-3.2
-3.2
-4
0
4
-328
0
328
-7
9
16
-12
0
12
-14
0
14
-13
8
21
-10
0
10
-124
0
124
10
31
21
-7
0
7
-79
0
79
-40
12
53
0
0
0
-17
0
17
-53
8
62
0
0
0
-38
0
38
-60
7
67
-9
0
9
-318
0
318
2
16
14
-12
0
12
-7
0
7
3
23
20
-10
0
10
-93
0
93
-8
1
9
-26
0
26
-466
0
466
-10
48
58
-7
0
7
-133
0
133
-154
28
181
-30
0
30
-418
0
418
-3
39
42
-28
0
28
-444
0
444
-46
25
71
-8.2
-8.2
5.8
--5.8
93.1
55.6
-40.6
-63
0
63
-1017
0
1017
-166
115
282
-62
0
62
-1041
0
1041
-261
71
333
-2.1
-2.1
2.2
--2.2
36.4
61.5
-15.4
Page 9 of 18
4 PRIMARY INCOME
for periods indicated
in million U.S. dollars
Jan
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
Other investment
Receipts
Payments
-8
13
21
-3
13
16
-24
13
37
-21
13
34
-19
13
32
-25
14
38
-16
15
31
-6
15
21
-35
15
50
-35
39
74
-64
40
104
-56
45
102
-53
39
92
-5.5
16.6
10.2
-156
125
280
-151
144
295
-3.1
-13.5
-5.0
Interest
Receipts
Payments
-8
13
21
-3
13
16
-24
13
37
-21
13
34
-19
13
32
-25
14
38
-16
15
31
-6
15
21
-35
15
50
-35
39
74
-64
40
104
-56
45
102
-53
39
92
-5.5
16.6
10.2
-156
125
280
-151
144
295
-3.1
-13.5
-5.0
0
0
0
0
-
0
0
0
0
0
0
0
-
0
0
0
0
0
0
0
-
0
0
0
0
-
0
-
0
-
0
-
49.7
--49.7
0
-
-1
0
1
57.8
--57.8
7
10
3
-3
0
3
-12
3
15
7
10
3
-8
0
8
-1
3
5
4
10
6
-14
0
14
-14
3
17
7
10
4
-15
0
15
-13
3
16
7
10
3
-19
0
19
-7
3
10
10
10
-18
0
18
-6
4
10
6
11
5
-9
0
9
-14
4
17
8
11
3
-11
0
11
-3
4
7
6
11
5
-21
0
21
-20
4
24
18
30
12
-26
0
26
-27
9
36
14
30
16
-52
0
52
-26
10
36
20
33
13
-40
0
40
-36
13
49
18
32
14
-35
0
35
-36
7
43
12.6
4.0
-7.2
-13.5
-13.5
-1.6
71.0
13.4
52
93
41
-118
0
118
-89
32
121
80
124
45
-126
0
126
-103
20
123
-34.3
-25.1
-8.8
6.5
--6.5
13.4
59.7
-1.6
-6
24
31
25
25
-40
26
66
-19
27
45
-16
26
43
-35
26
61
3
37
35
13
38
26
-27
39
66
-47
75
122
-70
79
149
-12
115
126
-52
78
130
77.4
47.0
-2.7
-128
269
398
-214
206
420
39.9
30.5
-5.3
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
Reserve assets
Receipts
42
42
43
43
49
49
61
61
44
44
66
66
56
56
56
56
61
61
135
135
171
171
173
173
144
144
19.7
19.7
478
478
413
413
15.7
15.7
Interest
Receipts
42
42
43
43
49
49
61
61
44
44
66
66
56
56
56
56
61
61
135
135
171
171
173
173
144
144
19.7
19.7
478
478
413
413
15.7
15.7
Memorandum: Interest before FISIM
Receipts
42
42
43
43
49
49
61
61
44
44
66
66
56
56
56
56
61
61
135
135
171
171
173
173
144
144
19.7
19.7
478
478
413
413
15.7
15.7
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
Central Bank
Receipts
Payments
Deposit-taking corporations, except
the central bank
Receipts
Payments
General Government
Receipts
Payments
Other Sectors
Receipts
Payments
Memorandum: Interest before FISIM
Receipts
Payments
Investment income attributable to policyholders
in insurance, pension schemes, and
standardized guarentee schemes
Other primary income
Details may not add up to total due to rounding.
p Preliminary
- Rounds off to zero
-- Infinite growth rate
Page 10 of 18
5 SECONDARY INCOME
for periods indicated
in million U.S. dollars
Jan
Secondary Income
Receipts
Payments
General government
Receipts
Payments
Financial corporations, nonfinancial corporations,
households, and NPISHs
Receipts
Payments
Personal Transfers
Receipts
Payments
Of which: Workers' remittances
Receipts
Payments
Other current transfers
Receipts
Payments
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
2014
Growth (%)
2015 p
Jan-Sep
2015 p
2014
Growth (%)
2015 p
1625
1686
61
1663
1716
53
1884
1950
66
1812
1883
71
1873
1980
107
2024
2091
67
1866
1978
112
1884
1941
57
1966
2018
53
5173
5353
180
5709
5954
245
5716
5938
222
5778
5951
174
-1.1
27.7
16598
17245
647
16307
16784
477
1.8
2.7
35.8
50
72
22
75
78
3
60
64
4
43
51
9
51
54
3
60
62
2
69
72
2
66
68
2
65
68
3
186
214
29
153
167
14
200
207
7
203
214
11
-1.5
-3.1
-33.7
539
589
50
600
633
34
-10.1
-7.0
47.2
1575
1614
39
1588
1638
50
1824
1887
62
1770
1832
62
1822
1925
104
1964
2030
65
1797
1907
110
1818
1873
55
1901
1951
50
4987
5139
152
5555
5787
231
5516
5731
215
5575
5738
163
-1.1
31.8
16058
16656
598
15708
16151
443
2.2
3.1
34.9
1508
1512
3
1532
1535
4
1755
1758
4
1704
1707
3
1807
1810
3
1897
1900
4
1774
1778
4
1758
1761
4
1850
1853
3
4795
4806
11
5408
5417
10
5382
5392
11
5328
5340
12
1.0
1.0
-8.5
15585
15616
31
15007
15047
40
3.8
3.8
-22.7
1472
1472
0
1497
1497
0
1717
1717
0
1664
1664
0
1770
1770
0
1862
1862
0
1737
1737
0
1723
1723
0
1812
1812
0
4686
4686
0
5296
5296
0
5272
5272
0
5215
5215
0
1.1
1.1
--
15253
15253
0
14661
14661
0
4.0
4.0
--
66
102
36
56
103
47
69
128
59
66
125
59
15
115
101
68
129
62
23
129
106
60
112
51
51
98
47
192
333
141
148
369
221
134
338
204
247
398
151
-45.6
-15.0
34.9
474
1040
567
700
1103
403
-32.3
-5.7
40.7
Details may not add up to total due to rounding.
p Preliminary
-- Infinite growth rate
Page 11 of 18
6 CAPITAL ACCOUNT
for periods indicated
in million U.S. dollars
Jan
Capital Account
Receipts
Payments
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Growth (%)
2015 p
Q3
Q2
2015 p
2014
Growth (%)
2015 p
Jan-Sep
2015 p
2014
6
7
1
4
8
4
6
8
2
7
8
1
7
8
1
7
9
1
6
7
1
7
7
1
8
9
1
17
24
7
21
25
4
21
24
2
22
28
6
-4.3
-15.3
-59.3
59
72
13
74
84
10
-19.5
-13.7
29.6
-1
1
-3
1
4
-1
1
2
1
1
1
1
1
1
-1
1
-1
1
1
1
-
-4
2
7
3
4
2
2
-4
1
5
92.8
42.0
-62.1
-5
8
12
-5
4
8
2.7
111.7
46.3
7
7
-
7
7
-
7
7
-
7
7
-
7
7
0
7
7
-
7
7
-
7
7
-
7
8
-
21
21
-
21
22
-
22
22
-
27
27
-
-18.4
-17.9
114.0
64
65
1
79
80
2
-18.5
-19.3
-60.9
General government
Receipts
Payments
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
21
21
0
21
21
0
22
22
0
26
26
0
-18.6
-18.6
--
64
64
0
78
78
0
-18.5
-18.5
--
Debt forgiveness
Receipts
Payments
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
----
0
0
0
0
0
0
----
Other capital transfers
Receipts
Payments
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
7
7
0
21
21
0
21
21
0
22
22
0
26
26
0
-18.6
-18.6
--
64
64
0
78
78
0
-18.5
-18.5
--
-
-
-
-
0
-
-
-
-
-
-
-
-
13.6
50.6
114.0
1
1
2
2
-6.8
-53.2
-60.9
Debt forgiveness
Receipts
Payments
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
----
0
0
0
0
0
0
----
Other capital transfers
Receipts
Payments
-
-
-
-
0
-
-
-
-
-
-
-
-
13.6
50.6
114.0
1
1
2
2
-6.8
-53.2
-60.9
Gross acquisitions /disposals of nonproduced
nonfinancial assets
Receipts
Payments
Capital transfers
Receipts
Payments
Financial corporations, nonfinancial
corporations, households, and NPISHs
Receipts
Payments
Details may not add up to total due to rounding.
p Preliminary
- Rounds off to zero
-- Infinite growth rate
Page 12 of 18
7 DIRECT INVESTMENT
for periods indicated
in million U.S. dollars
Jan
Direct Investment
Net Acquisition of Financial Assets
Equity and investment fund shares
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
54
-108
459
-276
-97
-73
-215
-198
295
405
-447
-118
904
-113.1
-160
-5
-3307.1
317
251
688
106
306
329
237
329
1814
1256
741
2380
2333
2.0
4377
4798
-8.8
87
123
170
24
74
64
59
48
399
380
163
506
1050
-51.8
1048
1556
-32.6
Equity other than reinvestment of earnings
Direct investor in direct investment
enterprises
Placements
Withdrawals
76
112
161
13
63
58
48
37
390
349
135
475
1018
-53.3
959
1462
-34.4
76
83
7
112
138
26
161
196
36
13
72
58
63
75
12
58
66
8
48
73
25
37
39
2
390
521
131
349
417
69
135
213
78
475
634
158
1018
1240
221
-53.3
-48.9
-28.6
959
1264
305
1462
1708
246
-34.4
-26.0
24.1
Reinvestment of earnings
11
11
9
11
11
6
11
11
9
31
28
30
31
-2.9
90
94
-4.7
230
128
518
82
232
265
178
281
1415
876
579
1874
1284
46.0
3329
3241
2.7
232
109
451
72
195
215
112
200
1374
792
483
1686
1126
49.8
2961
2818
5.1
-1
19
67
10
37
49
66
80
41
85
96
187
158
18.7
368
423
-13.1
263
359
229
382
403
403
452
526
1519
851
1188
2498
1430
74.7
4537
4802
-5.5
96
237
106
106
212
281
231
95
650
439
599
976
626
55.8
2014
1790
12.5
Debt instruments
Direct investor in direct investment
enterprises
Direct investment enterprises in
direct investor
Net Incurrence of Liabilities
Equity and investment fund shares
Equity other than reinvestment of earnings
Direct investor in direct investment
enterprises
Placements
Withdrawals
25
179
50
25
160
214
152
34
600
254
399
785
446
76.1
1439
1139
26.3
25
53
27
179
192
13
50
85
35
25
39
14
160
181
20
214
308
94
152
173
21
34
45
11
600
1152
553
254
330
76
399
528
129
785
1371
585
446
488
41
76.1
181.1
1310.8
1439
2228
789
1139
1613
475
26.3
38.1
66.4
Reinvestment of earnings
71
58
57
81
52
67
79
61
51
185
200
191
180
5.6
575
652
-11.7
167
122
123
276
191
122
222
431
869
412
589
1522
803
89.5
2522
3012
-16.2
167
122
123
276
191
122
222
431
869
412
589
1522
803
89.5
2522
2937
-14.1
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
75
-100.0
Debt instruments
Direct investor in direct investment
enterprises
Direct investment enterprises in
direct investor
Details may not add up to total due to rounding.
p Preliminary
-- Infinite growth rate
Page 13 of 18
8 PORTFOLIO INVESTMENT
for periods indicated
in million U.S. dollars
Jan
Portfolio Investment
Net Acquisition of Financial Assets
Equity and investment fund shares
Central Bank
Deposit-taking corporations, except
the central bank
Other sectors
Debt Securities
Central bank
Deposit-taking corporations, except
the central bank
Short-term
Long-term
Other sectors
Short-term
Long-term
Net Incurrence of Liabilities
Equity and investment fund shares
Deposit-taking corporations, except
the central bank
Placements
Withdrawals
Other sectors
Placements
Withdrawals
Debt Securities
Central bank
Short-term
Long-term
Deposit-taking corporations, except
the central bank
Short-term
Long-term
General government
Short-term
Long-term
Other sectors
Short-term
Long-term
Details may not add up to total due to rounding.
p Preliminary
- Rounds off to zero
-- Infinite growth rate
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
-792
-189
1377
732
1524
795
676
976
1574
396
3050
3226
-885
464.5
6672
1277
422.7
165
542
1022
274
475
53
217
178
499
1728
802
894
-226
495.0
3424
1544
121.7
-47
0
-19
0
453
0
-11
0
55
50
203
0
27
0
81
45
11
0
387
0
246
50
119
45
45
0
161.8
--
753
95
230
50
227.6
90.0
-46
-19
1
452
-11
5
-3
205
27
36
11
1
387
-2
199
74
-3
48
91.2
54.6
-2
660
-3
182
21.4
261.9
211
0
560
0
569
0
285
0
420
47
-150
0
189
0
97
0
488
0
1341
0
556
47
774
0
-272
0
385.1
--
2671
47
1315
305
103.2
-84.6
26
-113
139
185
7
178
584
651
-67
-24
-2
-22
301
85
216
268
34
234
205
43
162
80
40
40
295
-146
442
78
6
72
194
-43
237
-344
24
-369
285
145
140
-96
-19
-77
60
-67
127
36
-6
43
344
323
21
144
47
97
912
624
288
429
39
390
695
-146
841
-186
71
-257
690
401
289
85
22
62
-288
35
-322
16
-34
50
339.9
1055.1
189.7
428.4
164.5
23.6
2297
878
1419
327
132
195
594
345
249
416
48
368
286.8
154.3
470.9
-21.3
176.4
-47.0
957
731
-356
-458
-1049
-742
-459
-798
-1075
1332
-2248
-2332
659
-454.0
-3248
268
-1312.5
524
399
175
-227
-209
-288
-202
-414
-702
1098
-724
-1317
312
-521.6
-943
1444
-165.3
13
349
336
511
2081
1571
54
282
228
345
2118
1773
103
416
313
72
2103
2031
-68
586
654
-159
1639
1798
-81
382
462
-128
1807
1935
-56
299
355
-233
1398
1631
-73
241
314
-129
1329
1458
-28
248
276
-385
1331
1716
-2
224
226
-699
1236
1935
170
1047
877
928
6302
5374
-204
1267
1471
-520
4845
5364
-104
713
816
-1214
3896
5109
-26
961
988
339
5495
5157
-297.0
-25.9
-17.4
-458.5
-29.1
-0.9
-138
3026
3163
-805
15042
15848
289
3137
2849
1156
15129
13973
-147.6
-3.6
11.0
-169.7
-0.6
13.4
433
0
0
0
332
-1
0
-1
-531
0
0
0
-231
0
0
0
-841
0
0
0
-453
-1
0
-1
-257
0
0
0
-384
0
0
0
-373
0
0
0
234
-1
0
-1
-1525
-1
0
-1
-1015
0
0
0
346
3
0
3
-393.0
-100.0
--100.0
-2305
-2
0
-2
-1177
5
0
5
-95.9
-140.0
--140.0
112
0
112
312
185
127
9
9
125
0
125
270
-24
294
-62
0
-62
-9
0
-9
-486
-129
-357
-36
0
-36
-7
0
-7
110
41
69
-334
30
-363
3
0
3
-799
-183
-616
-44
-8
-36
1
0
1
-391
-112
-279
-61
2
-63
10
0
10
-258
-17
-240
-10
-11
1
-1
0
-1
-323
-74
-249
-61
1
-62
-12
0
-12
-274
-44
-230
-87
-11
-75
229
0
229
96
32
64
-89
-89
-4
0
-4
-1081
-254
-827
-439
23
-462
-3
0
-3
-855
-136
-719
-157
-21
-136
-96
0
-96
554
-109
663
-114
2
-116
97.3
-97.3
-254.4
-24.5
-208.4
-37.6
-1321.1
-17.1
222
0
222
-1840
-358
-1482
-685
2
-687
-52
0
-52
-1539
-2225
686
410
9
400
531.1
-531.1
-19.5
83.9
-316.2
-267.4
-80.9
-271.7
Page 14 of 18
9 FINANCIAL DERIVATIVES (OTHER THAN RESERVES) AND EMPLOYEE STOCK OPTIONS
for periods indicated
in million U.S. dollars
Jan
Financial derivatives (other than reserves) and
employee stock options
Central bank
Deposit-taking corporations,
except the central bank
General government
Other sectors
Net Acquisition of Financial Assets
Central bank
Deposit-taking corporations,
except the central bank
General government
Other sectors
Net Incurrence of Liabilities
Central bank
Deposit-taking corporations,
except the central bank
General government
Other sectors
Note: Data on employee stock options are not available
Details may not add up to total due to rounding.
p Preliminary
- Rounds off to zero
-- Infinite growth rate
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Q3
Q2
2015 p
Growth (%)
2015 p
2014
Jan-Sep
2015 p
2014
Growth (%)
2015 p
-6
12
-17
-6
-5
-21
-10
-22
4
-10
-32
-28
9
-407.3
-70
-16
-328.7
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
-6
0
0
12
0
0
-17
0
0
-6
0
0
-5
0
0
-21
0
0
-10
0
0
-22
0
0
4
0
0
-10
0
0
-32
0
0
-28
0
0
9
0
0
-407.3
---
-70
0
0
-16
0
-1
-344.7
-100.0
-22
-18
-34
-23
-20
-31
-21
-44
-24
-74
-74
-89
-74
-19.8
-237
-196
-20.6
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
-22
0
0
-18
0
0
-34
0
0
-23
0
0
-20
0
0
-31
0
0
-21
0
0
-44
0
0
-24
0
0
-74
0
0
-74
0
0
-89
0
0
-74
0
0
-19.8
---
-237
0
0
-195
0
-1
-21.2
-100.0
-16
-30
-18
-17
-15
-11
-10
-23
-27
-64
-42
-60
-83
27.6
-166
-180
7.4
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
-16
0
0
-30
0
0
-18
0
0
-17
0
0
-15
0
0
-11
0
0
-10
0
0
-23
0
0
-27
0
0
-64
0
0
-42
0
0
-60
0
0
-83
0
0
27.6
---
-166
0
0
-179
0
-
7.2
-100.0
Page 15 of 18
10 OTHER INVESTMENT
for periods indicated
in million U.S. dollars
Jan
Other Investment
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Growth (%)
2015 p
Q3
Q2
2015 p
2014
Growth (%)
2015 p
Jan-Sep
2015 p
2014
640
-2
-403
-514
-45
-759
-701
132
-1651
234
-1317
-2221
863
-357.5
-3304
4551
-172.6
Other equity
Currency and deposits
Loans
Insurance, pension, and standardized
guarantee schemes
Trade credit and advances
Other accounts receivable/payable
0
-139
1603
0
19
-146
0
-497
23
0
-69
-336
0
238
-697
0
39
-1063
0
-142
-525
0
-116
259
0
-501
-876
0
-617
1480
0
208
-2097
0
-759
-1142
0
555
250
--236.7
-556.0
0
-1168
-1759
0
1951
3183
--159.9
-155.3
0
-696
-128
0
304
-179
0
95
-24
0
-113
4
0
435
-21
0
197
69
0
-24
-10
0
7
-19
0
-282
8
0
-297
-332
0
520
52
0
-299
-21
0
21
35
--1490.1
-159.6
0
-76
-301
0
-476
-107
-84.1
-180.4
Net Acquisition of Financial Assets
-1173
319
-1143
6
-740
510
-75
58
-1138
-1998
-223
-1155
-59
-1872.2
-3375
2801
-220.5
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
-311
0
100
0
-743
0
256
0
-101
0
-14
0
-110
0
-201
0
-208
0
-954
0
142
0
-520
0
-97
0
-435.2
--
-1332
0
1431
0
-193.1
--
-1126
0
815
124
0
-24
-177
0
-566
271
0
-14
-770
0
670
87
0
-101
-305
0
195
-245
0
44
377
0
-585
-1179
0
225
-413
0
555
-174
0
-346
268
0
-365
-164.8
-5.2
-1765
0
433
1163
0
268
-251.7
-61.7
Other Equity
Currency and Deposits
Central bank
Deposit-taking corporations, except
the central bank
General government
Other sectors
Loans
Central bank
Deposit-taking corporations, except
the central bank
Short-term
Long-term
General government
Other sectors
-886
0
240
0
-392
0
-254
0
-629
0
506
0
-15
0
311
0
-913
0
-1038
0
-378
0
-617
0
17
0
-3769.4
--
-2033
0
1327
0
-253.1
--
-886
-898
11
0
0
240
211
29
0
0
-392
-413
21
0
0
-254
-265
10
0
0
-629
-626
-3
0
0
506
482
23
0
0
-15
-8
-7
0
0
311
312
-1
0
0
-913
-915
1
0
0
-1038
-1099
61
0
0
-378
-408
30
0
0
-617
-610
-7
0
0
17
17
0
0
-3769.4
-3734.7
-31343.8
---
-2033
-2118
85
0
0
1327
1319
8
0
0
-253.1
-260.5
905.2
---
Insurance, pension, and standardized
guarantee schemes
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
Trade credit and advances
Other sectors
Short-term
Long-term
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
0
0
-1
-1
-1
0
74.7
74.7
74.7
--
0
0
0
0
0
0
0
0
174.6
174.6
174.6
--
24
-22
-9
4
-10
19
50
-51
-16
-7
13
-17
23
-176.1
-11
42
-126.8
24
-22
-9
4
-10
19
50
-51
-16
-7
13
-17
23
-176.1
-11
42
-126.8
Other accounts receivable - other
Deposit-taking corporations, except
the central bank
Page 16 of 18
10 OTHER INVESTMENT
for periods indicated
in million U.S. dollars
Jan
Net Incurrence of Liabilities
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
-1813
321
-740
520
-695
1269
626
-73
513
0
0
0
0
0
0
0
0
Currency and Deposits
Deposit-taking corporations, except
the central bank
-172
81
-247
326
-339
-53
32
-172
81
-247
326
-339
-53
Loans
Central bank
Deposit-taking corporations, except
the central bank
Short-term
Long-term
Drawings
Repayments
General government
Credit and loans with the IMF
Other Short-term
Other Long-term
Drawings
Repayments
Other sectors
Short-term
Long-term
Drawings
Repayments
-2489
0
386
0
-414
0
82
0
68
0
-2499
-2499
0
0
0
-13
0
0
-13
15
29
23
-10
33
139
106
146
146
0
0
0
238
0
0
238
332
94
2
-2
3
43
40
-690
-690
0
0
0
-31
0
0
-31
80
111
307
12
294
388
93
-428
-428
0
0
0
498
0
0
498
566
68
12
3
9
59
50
0
0
0
Trade credit and advances
Other sectors
Short-term
Long-term
696
696
696
0
-304
-304
-304
0
Other accounts payable - other
Deposit-taking corporations, except
the central bank
152
Other Equity
Insurance, pension, and standardized
guarantee schemes
Special drawing rights
Growth (%)
2015 p
Q3
Q2
2015 p
2014
Growth (%)
2015 p
Jan-Sep
2015 p
2014
1094
0
0
1066
-921
215.7
-72
-1750
95.9
0
-2232
0
0
0
0
--
0
0
--
-85
293
-337
-66
239
-652
136.6
-164
-520
68.5
32
-85
293
-337
-66
239
-652
136.6
-164
-520
68.5
1569
0
511
0
52
0
-37
0
-2518
0
1719
0
525
0
-234
0
324.7
--
-274
0
-1856
0
85.3
--
243
243
0
0
0
-103
0
0
-103
15
118
-71
-2
-70
0
70
1238
1238
0
0
0
276
0
0
276
385
109
55
0
55
182
127
588
588
0
0
0
15
0
0
15
55
40
-93
0
-93
0
93
38
38
0
0
0
-20
0
0
-20
66
86
34
-1
35
50
15
167
167
0
0
0
-72
0
0
-72
35
107
-132
0
-132
40
171
-3043
-3043
0
0
0
194
0
0
194
427
233
331
0
331
569
239
1053
1053
0
0
0
671
0
0
671
967
296
-5
1
-6
241
247
793
793
0
0
0
-76
0
0
-76
156
233
-191
-1
-190
90
280
-850
-850
0
0
0
548
0
0
548
808
260
69
-10
79
304
226
193.2
193.2
----113.9
---113.9
-80.7
-10.4
-379.1
85.9
-341.7
-70.5
23.7
-1197
-1197
0
0
0
789
0
0
789
1550
761
135
0
134
900
766
-2023
-2023
0
0
0
608
0
0
608
1486
878
-441
-138
-302
761
1063
40.8
40.8
---29.7
--29.7
4.3
-13.2
130.6
100.3
144.5
18.3
-28.0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
-94
-94
-96
2
113
113
113
0
-435
-435
-435
0
-197
-197
-197
0
24
24
24
0
-8
-8
-8
0
282
282
282
0
298
298
296
2
-520
-520
-520
0
298
298
298
0
-23
-23
-19
-4
1418.4
1418.4
1665.8
100.0
76
76
74
2
476
476
486
-11
-84.0
-84.0
-84.8
117.8
158
15
0
11
-50
60
-32
-24
325
-39
4
-13
129.4
289
150
93.4
152
158
15
0
11
-50
60
-32
-24
325
-39
4
-13
129.4
289
150
93.4
0
0
0
0
0
0
0
0
0
0
0
0
0
--
0
0
--
Details may not add up to total due to rounding.
p Preliminary
- Rounds off to zero
-- Infinite growth rate
Page 17 of 18
11 OVERALL BOP POSITION
for periods indicated
in million U.S. dollars
Jan
Change in Net Reserves
Feb
Mar
2015 p
May
Apr
Jun
Jul
Aug
Q1
Sep
Growth (%)
2015 p
Q3
Q2
2015 p
2014
Growth (%)
2015 p
Jan-Sep
2015 p
2014
136
985
-244
380
-58
485
354
-450
219
877
807
124
712
-82.6
1808
-3432
152.7
140
988
-241
383
-54
467
358
-446
223
888
796
135
723
-81.4
1819
-3421
153.2
Monetary gold
Gold bullion
Unallocated gold accounts
0
0
0
0
0
0
0
0
0
0
0
0
0
90.6
90.6
--
0
0
-21.0
-21.0
--
Special drawing rights
-
-
-
-
-
-
-
-
-
-
-
-
-
-76.9
-
-
-79.3
Reserve position in the Fund
-
-
-104
-
-
-3
-
2
-1
-104
-3
1
4
-78.3
-106
19
-652.9
140
988
-137
384
-54
470
358
-449
224
991
799
134
719
-81.4
1924
-3441
155.9
655
-766
-766
-1428
662
0
0
251
1208
-208
-208
1245
-1452
0
0
-12
1603
-1575
-1575
-2104
529
0
0
-165
-1051
1120
1120
558
562
0
0
315
142
-256
-256
83
-339
0
0
60
-200
853
853
-174
1026
0
0
-183
249
138
138
-406
545
0
0
-29
-492
390
390
-581
971
0
0
-346
-496
685
685
1671
-986
0
0
35
3466
-2548
-2548
-2287
-262
0
0
74
-1109
1717
1717
467
1250
0
0
191
-739
1213
1213
684
529
0
0
-340
867
365
365
761
-396
0
0
-513
-185.3
232.1
232.1
-10.2
233.7
--33.8
1617
381
381
-1136
1517
0
0
-74
3891
-6345
-6345
624
-6969
0
0
-986
-58.4
106.0
106.0
-282.1
121.8
--92.5
4
3
4
4
3
-18
4
3
4
11
-11
11
11
0.8
11
11
-0.2
0
4
0
3
0
4
0
4
0
3
0
-18
0
4
0
3
0
4
0
11
0
-11
0
11
0
11
-0.8
0
11
0
11
--0.2
Change in Reserve Assets
Other reserve assets
Currency and deposits
Securities
Debt Securities
Short-term
Long-term
Equity and investment fund shares
Financial Derivatives
Other Claims
Change in Reserve Liabilities
Use of Fund Credit and loans
Short-term
Details may not add up to total due to rounding.
p Preliminary
- Rounds off to zero
-- Infinite growth rate
Page 18 of 18